The South West remains the fourth most prosperous region in the UK.

The South West continues to host a thriving SME scene which has played an important part in the region’s prosperity. Small businesses have expanded their turnover by 5% compared with last year’s study, and at 13%, growth in Bristol is outpacing that seen in London at 7%.

The South West also has the fifth highest GDP per capita, which grew 11.2%, ahead of the northern regions, the East Midlands and Wales.

House prices grew by 7% with the average home costing £233,974, the fourth highest region, behind London, the South East and the East of England.

The number of millionaires in the region reduced slightly by 5.1%, from a population of 59,000 to 56,000, in line with the wider UK trend.